WEBVTT 00:00:00.501 --> 00:00:04.428 Okay, let's have a look at risk management in practice. 00:00:04.457 --> 00:00:08.474 And what I want to do is to start with some basic concepts, 00:00:08.485 --> 00:00:14.015 then focus on two difficult areas in the risk process. 00:00:14.242 --> 00:00:19.164 So, I guess if I asked you to define the word risk, 00:00:19.174 --> 00:00:22.954 you would have some idea of what it meant. 00:00:22.967 --> 00:00:26.476 We might not have a formal definition that we could quote, 00:00:26.476 --> 00:00:30.253 line:1 but we all have something in our minds when we hear the word risk. 00:00:30.274 --> 00:00:33.972 This is what we think, and maybe you think of things like this, 00:00:34.234 --> 00:00:38.534 maybe you feel like this little guy, facing some big ugly challenge 00:00:38.534 --> 00:00:41.791 that you know is just going to squash you flat. 00:00:42.066 --> 00:00:43.766 Maybe you feel like this guy. 00:00:44.024 --> 00:00:46.489 This is a real job in North Korea, 00:00:47.768 --> 00:00:51.367 and his job is to hold the target for other people to shoot at. 00:00:51.500 --> 00:00:53.979 Sometimes project managers have the target here. 00:00:54.292 --> 00:00:56.911 We feel like everybody is shooting at us in our job. 00:00:57.757 --> 00:01:01.987 Or maybe you just know there's something nasty out there, waiting for you. 00:01:02.470 --> 00:01:05.700 And maybe that's what you think of when you think of the word risk. 00:01:06.361 --> 00:01:09.574 Well that's partly true, but it's not the whole truth. 00:01:10.193 --> 00:01:13.625 Risk is not the same as uncertainty. 00:01:14.220 --> 00:01:16.963 Risk is related to uncertainty, but they're different. 00:01:17.670 --> 00:01:23.826 00:01:24.653 --> 00:01:27.589 00:01:27.942 --> 00:01:31.435 00:01:31.962 --> 00:01:34.512 00:01:34.512 --> 00:01:35.788 00:01:36.714 --> 00:01:40.007 00:01:40.400 --> 00:01:44.313 00:01:44.677 --> 00:01:47.280 00:01:47.548 --> 00:01:50.057 00:01:50.483 --> 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